Traditional trading of commodities, natural resources or financial instruments such as stocks and bonds has taken place in markets where traders offer various commodities at different prices. Such trades were performed using hand signals and paper was used to finalize the actual trading contract. With the advent of computers, more complex and faster trades may be made by integrating computing power. Additionally, the growth of the Internet and other electronic communications systems has moved the realm of trading beyond the trading floor. Finally, different markets for non-traditional financial products such as energy have been established.
For example, one recent new trading exchange is the OTC energy market. Traders in the OTC energy market typically agree to prices and terms with another trading counter party for a particular type of derivative in an energy product such as a natural gas swap. This type of trade involves certain common terms such as settlement and payment terms. The trade may be made directly with a counter party, or by phone, or more recently, via an electronic platform such as the Internet. Such trades are recorded by the traders on their trade notebooks and trade data is entered directly into their company's trade data capture computer systems. These systems generate confirmation documents and summary data relating to the trade.
Recently, automated systems such as the WebICE software offered by Intercontinental Exchange of Atlanta, Ga. have become available for OTC energy traders via the Internet. Rather than using specialized software and hardware systems, trading is now available with a personal computer capable of running a ubiquitous web browser. The web based automated systems allow on screen display of bid and offer details for products such as commodities, natural resources, financial instruments and derivatives of the same, and instant transmission of instructions via a mouse click of bids and offers of such products. These systems utilize software and secure network systems which are tied to a central market computer.
Automated software such as WebICE allows a trader to send a fill or execute request on an order as displayed on the computer screen. A user will use a mouse and select a price to bid or offer by clicking on a mouse button or using the keyboard. A user will then move the mouse to a quantity field and select the quantity with a mouse or keyboard. Finally, the user will initiate the order via a mouse or keyboard button to initiate the trading with the other parties through the market exchange server. New orders are queued via an onscreen stack. However, with the speed of electronic transmission, market data which establishes prices and quantities outpaces the ability of humans to process the information and act upon it. Thus, the multiple moves of the mouse in combination with keystrokes may result in delays which result in distortions of the actual price. More advanced software has integrated multiple steps or keystrokes into one action which speeds the transaction.
For example in WebICE, if a trader wishes to send a fill request on a displayed quantity and price, a single keyboard or mouse interaction will allow a trader to initiate the fill request. A problem arises if the underlying quantity or price changes in the displayed screen. Because of hand/eye lag behind the computer screen, the trader may end up sending a fill request to the exchange with an unintended quantity or price which changed while the trader activated the fill request on the software.
A similar problem arises in the case of establishing a new order in a stack along with all other active orders in a contract. This feature is important in order to help a trader manage orders. If a trader wishes to send a new order request, a single keyboard or mouse interaction will allow a trader to initiate the new order request. However, if the underlying quantity or price changes in the displayed stack, because of hand/eye lag behind the computer screen, the trader may end up sending an order to the exchange with an unintended quantity or price.
A further problem arises in a situation where a trader desires to kill an order. Such an order will be in a stack displayed on screen which shows a trader's own orders in the stack along with all other active orders in a contract. If a trader wishes to cancel/kill an order, a single keyboard or mouse interaction will allow a trader to initiate the kill request. However, if the underlying order moves in the displayed stack, because of hand/eye lag behind the computer screen, the trader may end up acting upon the wrong order.
Thus, there is a need for an on screen mechanism to lock a price for electronic trade actions over a computer screen. There is a further need for a price lock pop up window to lock a price in the case of an initial selection for placing a new order. There is also a need for a price lock mechanism to lock a price selected to hit a specific order. There is also a need to provide an on screen locking mechanism to preserve the quantity desired for trading transactions. There is an additional need for a mechanism for a user to make adjustments to a price on screen in a convenient and easy manner.
Thus, there is also a need for an on screen mechanism to enter a price for electronic trade actions over a computer screen with a single click. There is a further need for a single click over window to view a price in the case of an initial selection for placing a new order. There is also a need for a single click mechanism to enter a price selected to enter a specific order.